(The following is a reformatted version of a press release
issued by Egan-Jones Proxy Services and received via electronic
mail. The release was confirmed by the sender.) 
February 7, 2013 Haverford, PA 
Today, Egan-Jones Proxy Services, the independent proxy advisory
firm, made the following announcement: 
“Egan-Jones Proxy Services calls attention to the conclusion of
its recommendation to clients regarding Proposal 2, Amending the
Articles of Incorporation of its report regarding the
shareholder meeting of Apple Inc. scheduled for February 27,
“We note that the Company reported cash, near-cash, and short-term investments of approximately $40 billion as of December 29,
2012, an enormous amount for this company at a time when the
market price of its common stock can be considered depressed.
Trailing P/E is near 10X, and two-year EPS growth exceeds 30%.
In eliminating the ability of the Company to issue blank check
preferred stock, approval of this bundled proposal could
frustrate use by the board of a useful tool to unlock
shareholder value. Accordingly, we recommend a vote AGAINST this
About Egan-Jones Proxy Services
Egan-Jones Proxy Services is a leading independent proxy
advisory firm, providing institutional clients with proxy
research, vote recommendations, and voting services. Unlike
other proxy advisory firms, we do not take fees for consulting
services from issuers that are the subjects of its research, but
are paid solely by the institutional investors that are our
Tel. 1-610-642-9184 
(bjh) NY 
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